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PARAMETERS
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FEATURES*
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Eligibility
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Individual (singly or jointly) with others
Minor who have attained the age of 10 years and above in his own name on giving proof of age
Proprietorship/Partnership Firm, Commercial Organization, Company /Corporate Body
Hindu Undivided Family
Association, Club, Society, Trust or Religious/Charitable or Educational Institutions
Municipality or Panchayat, Government or Quasi-Government Body
Illiterate and blind persons can also open the account
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Maturity Option
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The interest shall be compounded on quarterly basis and is payable on maturity of deposit. The interest inflow in the account shall be on every calendar quarter end i.e. 31/3, 30/6, 30/9 & 31/12.
The incomplete quarter of such deposit shall be reckoned at the end, for the purpose of calculation of interest.
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Deposit Amount
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Minimum deposit of Rs.100/- and thereafter in multiples of Rupee one (Re.1/-) with maximum amount of Rs.1,99,99,999/-.
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Period of Deposit
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6 months to 120 months (not in less than 180 days and thereafter in months & days), even for incomplete quarters.
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Interest
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Card Rate as per guidelines issued by HO: IRMD, ALM Cell from time to time. Interest is compounded quarterly and is payable on maturity of the deposit.
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Demand Loan/Overdraft facility
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Deposits for Rs.10,000/- and above on written request shall be eligible for Demand Loan/overdraft facility.
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